Across Africa News: doola Raises $8M to Expand Its Fintech Suite and Democratize Access to the US Financial Ecosystem

Tuesday, November 8, 2022

doola Raises $8M to Expand Its Fintech Suite and Democratize Access to the US Financial Ecosystem

doola raises $8M to help US and non-US founders start, run and grow their business:

doola offers LLC formation: State filings, US mailing address, getting an EIN, and setting up payment processors | Banking: doola Banking enables LLCs to bank and build credit in the US | Compliance: Bookkeeping, payroll, IRS tax filings, and tax consultations

The number of LLCs has grown nearly twenty-fold since 1995, rising from fewer than 120,000 to more than 2.5 million today

US monthly business applications are over 400,000 per month (on track for 5M+ in 2022) and there are 50M+ independent creators globally.

(BUSINESS WIRE)--doola announced today that they have raised $8M in funding to continue helping entrepreneurs around the globe turn their dream idea into their dream US business. This new funding round was led by Nexus Venture Partners with participation from the Y Combinator Continuity Fund and more.

It’s time for entrepreneurs to shift their attention from admin and paperwork to innovation and product development. By helping founders with the legal and admin side of their businesses, doola enables founders, anywhere they’re based, to focus on what they do best.

This new fundraise comes right after a profitable year and the launch of doola Banking — an accessible way for LLCs around the globe to bank and build credit in the US. This sparks a new era for doola as the company focuses on democratizing access to the US financial ecosystem for all.

“doola demonstrates they are continuing to innovate with the end customer in mind. Their combined product suite is uniquely positioned to service the next generation of companies and support them in this market environment. We are excited to see what Arjun, JP, and the team can accomplish,” said Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners.

Arjun Mahadevan, CEO, doola, said, “doola is not just a formation service - we’re a fintech company. By providing adjacent financial tools designed to help emerging companies grow more efficiently, doola is the fuel these businesses need. Growing doola’s team will allow us to launch new products and iterate on existing products. We let data, customer feedback, and demand drive our product innovation. We are excited for this next stage of growth for our company. Our work at doola is far from complete; we’re just getting started. It’s just the tip of the global iceberg for us.”

About doola

doola is a trusted partner for helping global entrepreneurs confidently form their companies in the US. We help our customers incorporate, access US payment systems, and stay legal year after year through continued support, business basics, and a global-first mindset. doola Banking enables entrepreneurs around the globe to open a business bank account in the US. As of today, all companies formed with doola have access to doola Banking and are eligible to receive a business credit card — no credit history or SSN required. doola is headquartered in New York City with an office in Hamburg, Germany. For more information, visit www.doola.com.

About Nexus Venture Partners

Nexus Venture Partners is a leading early-stage venture capital firm partnering with extraordinary entrepreneurs building product-first companies. With $2 billion under management, Nexus operates as one team across the US and India. Nexus portfolio includes Apollo, Aryaka, Clover Health, Delhivery, Druva, FingerprintJS, Hasura, H2O.ai, Infra Market, Kaltura, Mezi, Observe.ai, PaySense, Postman, Pubmatic, Quandl, Rancher, Sibros, Turtlemint, Unacademy, and Zomato. For more information, visit www.nexusvp.com.